Ivanhoe Energy Inc. reported an update on the company’s oil and gas development activities on its prospective properties in China.

Ivanhoe Energy Inc. is currently drilling two wells on the Zitong natural gas project located in Sichuan Province. The company is targeting tight gas formations similar to ones being developed in the United States.

Ivanhoe Energy Inc. said that the Zitong-1 well is targeting a formation in the Guan structure and has been drilled to a total depth of 13,143 feet. The company said that it would continue vertical drilling to 14,764 feet and then decide on a horizontal drilling program. Ivanhoe Energy Inc. also said that additional formations are accessible at this property.

Ivanhoe Energy Inc. said that the Yixin-2 well is being drilled near the Yixin-1 well, which was drilled in 2007. The Yixin-1 well was shut in prior to completion due to a mechanical failure at the site.

Ivanhoe Energy Inc. reported that the Yixin-2 well has reached a depth of 9,383 feet and drilling would continue until the well reaches 13,780 feet. The company is targeting the Xu4 formation at this well.

Sunwing Energy Ltd, a subsidiary of Ivanhoe Energy Inc, is conducting the drilling program in China. The company has approximately 660,000 net acres on its concession in China.

For more information on the company, go to www.ivanhoeenergy.com

Let us hear your thoughts below: